HUNTER DOUGLAS RESULTS Q1 2017
Rotterdam, May 3, 2017 – Hunter Douglas, the world market leader in window coverings (Luxaflex®) and a major manufacturer of architectural products, results for Q1 2017:
- Sales: 19.0% higher to USD 703.7 million, compared with USD 591.1 million in Q1 2016. The 19.0% sales increase reflects a 5.7% volume increase, 1.5% negative currency impact and 14.8% increase from acquisitions. Volume increased in all areas except in Asia where sales were level. North America accounted for 52% of sales, Europe 33%, Latin America 5%, Asia 6% and Australia 4%. Window Coverings were 84% and Architectural and Other Products were 16% of sales.
- Earnings before interest, tax, depreciation and amortization – EBITDA: USD 65.8 million, 24.4% higher than USD 52.9 million in Q1 2016.
- Income from Operations: USD 40.4 million, 19.2% higher than USD 33.9 million in Q1 2016. Results in local currencies were better in all areas, except in Latin America and Asia where results were lower.
- Profit before Tax (excluding Net Result Investment Portfolio): USD 38.3 million, 22.0% higher than USD 31.4 million in Q1 2016.
- Net Result Investment Portfolio: USD 3.5 million positive (after deduction of imputed interest and expenses) compared with USD 6.8 million negative in Q1 2016. The Portfolio’s return in U.S. dollars (before imputed interest and expenses) was 3.4% positive. The Portfolio had a fair value at March 31, 2017 of USD 128 million.
- Profit before Tax: USD 41.8 million, 69.9% higher than USD 24.6 million in Q1 2016.
- Total Net Profit: USD 34.7 million (per share EUR 0.93), 86.6% higher than USD 18.6 million in Q1 2016 (per share EUR 0.48).
Operating cash flow: USD 53.7 million negative compared with USD 59.4 million negative in Q1 2016.
We expect continued growth in the US and Asia, improving economic conditions in Europe and continued difficult conditions in Latin America.
Hunter Douglas is in a strong position in terms of its products, distribution, finances and management.
Profile Hunter Douglas
Hunter Douglas is the world market leader in window coverings and a major manufacturer of architectural products. The Company has its Head Office in Rotterdam, the Netherlands, and a Management Office in Lucerne, Switzerland. The Group is comprised of 130 companies with 50 manufacturing and 80 assembly operations in more than 100 countries. Hunter Douglas employs about 21,000 people and had sales in 2016 of USD 2.821 billion.
The common shares of Hunter Douglas N.V. are traded on Amsterdam’s Euronext and Deutsche Boerse.
For further information:
A consolidated Statement of Income for Q1 2017 (Annex 1), Balance Sheet per March 31, 2017 (Annex 2), Cash Flow Statement for Q 1 2017 (Annex 3) and Sales change attribution percentages by geographic region for Q1 2017 (Annex 4) are attached.